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7.A. - Page 16 of 36 <br />The Economics of Land Use <br />DRAFT MEMORANDUM <br />To: Diana O'Dell, City of Redwood City <br />From: Jason Moody and Jake Cranor <br />Subject: Financial Review of Proposed Sequoia Station Development; <br />EPS #201062 <br />Date: September 28, 2020 <br />This memorandum evaluates the financial feasibility of various mixed- <br />use redevelopment concepts for the Sequoia Station site in Downtown <br />Redwood City. The City has retained Economic & Planning Systems, Inc. <br />(EPS) to conduct this financial analysis to inform Council consideration of <br />a General Plan Amendment that would accommodate a redevelopment <br />plan for Sequoia Station proposed by Lowe. <br />Located adjacent the Caltrain station, the approximately 12 -acre <br />Sequoia Station site the consists of seven parcels owned by Regency, <br />Safeway, and SamTrans. The area is currently developed with a high <br />performing retail shopping center anchored by Safeway, CVS, Barnes <br />and Noble, Old Navy and a variety of restaurants and other retail <br />services (approximately 175,000 building square feet). The existing site <br />has substantial parking, with a 6 -acre surface parking lot serving the <br />retail tenants and an approximately 300 stall underground garage <br />serving the adjoining Caltrain Station (see Figure 1). <br />Lowe is interested in redeveloping Sequoia Station, and the City is <br />underway with a Transit District Area Plan effort to address topics raised <br />at the February, 2020 City Council meeting (e.g. the need for housing, <br />height and density considerations, and updated retail and transit <br />improvements). To inform this planning effort, the City has retained EPS <br />to provide a third -party analysis of the level and type of new <br />Economic& Planning Systems, Inc. development that will likely be necessary to create an economically <br />1330 Broadway viable project. <br />Suite 450 <br />Oakland, CA 94612 <br />510 841 9190 tel <br />Oakland <br />Sacramento <br />Denver <br />Los Angeles <br />www.epsys.com <br />192 <br />